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Dow could hit a record high today

The stock market should open higher with continued hopes for the US and China to reach a full trade agreement.

Dow ( INDU ) Futures are about 140 points, or 0.5%. The futures for the S&P 500 ( SPX ) were also up 0.5%, while those for the Nasdaq Composite ( COMP ) ] by 0.7%.

With this boost, the Dow can surpass the record set in mid-July. The magic number that the Dow has to close above is 27,359.16.

Both S&P and Nasdaq close all-time on Friday. S&P set three records last week alone.
Although there is little new on the trade front on Monday, hopes for a US-China trade agreement last week were reversed after Commerce Secretary Wilber Ross expressed optimism about the deal in a Bloomberg interview. Ross also said that US companies selling parts of China's Huawei would be licensed to do so.
The two largest economies in the world reached an agreement in phase one in October and had to sign it at the APEC meeting in Chile, but Chile is no longer hosted. President Donald Trump said in a tweet last week on Thursday that Beijing and Washington are working to find a new place to sign.

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